The Daily Hit is a recap of the top financial news stories for Thursday, August 15, 2024.

On the Site

New York ruling could threaten crackdown on unlicensed marijuana sales

A court ruled that a convenience store in Queens would be allowed to reopen due to improper delivery of a summons under Operation Padlock.

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Georgia low-THC medical marijuana program growing by 1,000 patients per month

Only around a dozen dispensaries are operational in Georgia.

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Lykos to cut 75% of staff, reorganize in wake of FDA defeat

Remaining staff will focus on efforts to get FDA approval for the MDMA therapy.

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Blüm Holdings posts second-quarter profit, driven by dispensary sale

The company said it’s focused on making operations more efficient and expanding its retail footprint.

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Gold Flora enjoys rising revenue from last year’s TPCO deal

Still, sales fell slightly from the first quarter and the company remains a going concern.

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More earnings:

In Other News

Medcana

SFWJ, which does business as Medcana, a holding company focused in the cannabis and agricultural technology sectors, announce that all of the convertible debt on the company’s calance sheet will be eliminated by the end of the third quarter.

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Germany

Four and a half months after the federal law came into effect, it remains unclear who in Berlin will decide on applications from so-called “social clubs” that want to grow cannabis.

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Dallas

The Dallas City Council on Wednesday voted to put a marijuana decriminalization measure on the ballot for the November election, continuing a trend by Texas activists to reform cannabis policy at the local level.

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The Daily Hit is a recap of the top financial news stories for Monday, May 13, 2024.

On the Site

Colorado marijuana sales rebound by 11% in March, with April looking even better

Despite the sequential rebound, cannabis sales for the state are still down year-over-year.

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Auxly reports that revenue increased by 5%

Auxly is optimistic that summer demand will keep its revenue rising.

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Massachusetts issues cease-and-desist to hemp company over THCV goods

Bay State Extracts is appealing the order, advising that THCV is naturally occurring and nonintoxicating.

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Ohio’s rules for dual-use marijuana licenses set to come out in June

Regulators have until September to begin awarding adult-use dispensary licenses.

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Safe Harbor delivers solid income despite slight revenue dip

Safe Harbor has been cutting expenses and running a tight ship on spending.

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In Other News

Washington state

In what’s been hailed by many as a major step forward for cannabis patient rights, Washington state will pause its 37% excise tax on cannabis for medical cardholders for five years starting June 6.

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Ohio

As Ohio prepares to commence adult-use cannabis sales via existing medical cannabis dispensaries as soon as next month, 47 localities representing roughly 9% of the state’s population have enacted cannabis moratoriums.

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Nabis

Marijuana workers at a Nabis warehouse in California voted overwhelmingly to unionize by joining Teamsters Local 630.

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